Looking at the ETHUSD 15-minute chart, I'm contemplating a SHORT position, guided by Elliott Wave analysis. The chart shows a completed five-wave impulse to the upside, marked (1) to (5), which suggests the beginning of a corrective phase typically consisting of a three-wave structure: (a), (b), and (c).
The initial corrective wave (a) is evident, and a bounce for wave (b) has followed, which seems to have found resistance. Currently, it looks like the wave (c) is in progress, potentially aiming to extend towards the Fibonacci levels of 0.386 (3118.1) or even down to 0.618 (3071.9) as its final target.
As we move forward, I'm keeping a keen eye out for price action confirming the continuation of the downtrend. The strategy is to enter a SHORT position at the onset of wave (c) with a careful watch on the 3118.1 level. A break below could increase confidence in a move towards 3071.9. Risk management is paramount, and a stop-loss might be considered above the recent high of wave (b), ensuring a controlled trading environment against any unforeseen reversals.
The initial corrective wave (a) is evident, and a bounce for wave (b) has followed, which seems to have found resistance. Currently, it looks like the wave (c) is in progress, potentially aiming to extend towards the Fibonacci levels of 0.386 (3118.1) or even down to 0.618 (3071.9) as its final target.
As we move forward, I'm keeping a keen eye out for price action confirming the continuation of the downtrend. The strategy is to enter a SHORT position at the onset of wave (c) with a careful watch on the 3118.1 level. A break below could increase confidence in a move towards 3071.9. Risk management is paramount, and a stop-loss might be considered above the recent high of wave (b), ensuring a controlled trading environment against any unforeseen reversals.
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